The Real Deal Miami

South Florida deals add to bank stresses

May 11, 2009 10:23AM

Ten of 19 banks were told by federal regulators to raise capital, and all were active in residential lending in South Florida or invested in securities linked to area mortgages. Wachovia, which was taken over by Wells Fargo last year, was once a significant lender to South Florida condominium developers, a market segment that’s significantly overbuilt and will affect the area market for several years.